Tencent Tops Chinese Leader Board on Global Innovator List
Online game and social networking giant Tencent Holdings Ltd. was the top Chinese name on a list of the world’s 50 most innovative companies, winning praise for building its hugely popular WeChat mobile messaging app into a leading entertainment platform.
Tencent finished fourth on “The World’s 50 Most Innovative Companies 2018” list published by Fast Company, behind only U.S. high-tech heavyweights Apple Inc., Netflix Inc. and Square Inc. Other Chinese companies that made the list included news aggregator ByteDance at No. 16, online educational services firm VIPKid at 29, and drone giant DJI at 35.
Fast Company cited Tencent “for honoring content as king,” for its high placement of the company on the list. It commended Tencent for using WeChat, which has nearly 1 billion users, as a springboard for selling users of the platform a wide range of content, including literature, music, video and games.
“Imagine if Apple bought Disney and Spotify, and you can begin to envision the content colossus that Tencent is building to complement WeChat,” Fast Company said. “Tencent CEO Pony Ma credits music and video subscriptions with helping to power the company’s 59% year-over-year revenue growth in the first half of 2017.”
Rounding out the top five most innovative Chinese companies were DJI, which has become the world’s largest drone-maker and was lauded for “soaring beyond the rest of the drone industry”; ByteDance, operator of the wildly popular Toutiao news aggregating app; and Didi Chuxing, China’s homegrown shared car services giant that ultimately beat and merged with the China unit of U.S. giant Uber.
China’s other internet behemoth, e-commerce juggernaut Alibaba Group Holding Ltd., was only strong enough to finish at sixth on the Chinese list, after failing to make the global top 50. Tencent and Alibaba have soared to become two of the world’s most valuable companies, with respective market values of $625 billion and $484 billion, each feasting on Chinese consumers’ love of communicating, getting entertainment and shopping online.
Tencent’s appearance as China’s top entrant was expected, said Kitty Fok, China director at high-tech data tracking firm IDC. But the absence of Alibaba’s name from the global list was more surprising, since the company has earned a recent reputation for creativity by combining online and traditional brick-and-mortar shopping as it searches for a new retail formula of the future.
“I'm not surprised that Tencent is on there, but surprised that Alibaba isn’t,” she said. “Alibaba has invented ‘new retail’ to combine online offline and technology together.”
Contact reporter Yang Ge (firstname.lastname@example.org)
Nov 18 18:34
Nov 18 18:06
Nov 18 15:37
Nov 18 14:03
Nov 18 14:12
Nov 18 13:09
Nov 18 11:25
Nov 18 10:05
Nov 16 04:00
Nov 16 04:22
Nov 16 03:43
Nov 15 17:49
Nov 15 15:25
Nov 15 13:33
- 1Two Persons Diagnosed With Pneumonic Plague in Beijing
- 2In Depth: Is the Sharing Economy Bubble Bursting?
- 3U.S. to Extend Huawei Reprieve by Allowing It to Continue Trade With U.S. Clients: Report
- 4Beijing Plague Patients Were Medical Transfers, Further Cases in Capital Unlikely: Officials
- 5Asian Markets Struggle to Capitalize on China-U.S. Trade War
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas